The fight against money laundering and terrorism financing is a top priority for the UK, and to strengthen the country’s anti-money laundering and counter-terrorism financing
The European Banking Authority (EBA) recently released its comprehensive report on the risks associated with money laundering and terrorist financing (ML/TF) in EU payment institutions.
Customer Risk Assessments (CRAs) are fundamental to running a compliant business, preventing financial crime and a priority of the Financial Conduct Authority (FCA). They help financial institutions
The UK Financial Intelligence Unit (UKFIU) has published a new guide to help firms submit better quality Suspicious Activity Reports (SARS). The UKFIU receives more
MLR firms need to pay a levy on economic crime and anti-money laundering by May 2023. The first FIN074 return is due at the same
The Financial Conduct Authority (FCA) has recently initiated criminal proceedings against four individuals on charges of fraud, carrying out regulated activity without authorisation, money laundering,
It has been noted, that in 2022 the number of regulatory enforcement powers exercised by the UK’s Financial Conduct Authority (FCA) increased. Fines issued by
In December 2022, HM Treasury published the “Anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”): Supervision Report 2020-22”. The financial crime report provides
Last week, the threshold for reporting a Defence Against Money Laundering (DAML SAR) changed from £250 to £1,000 in the UK, relevant to banks, deposit
The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and